Hong Kong should serve as a hub for the commercialisation of artificial intelligence and as a strategic base for mainland Chinese AI companies’ overseas expansion, the city’s finance chief has said, while highlighting the risks and challenges associated with its development.

Financial Secretary Paul Chan Mo-po’s comments followed a speech on Friday by Chinese President Xi Jinping in which he called for artificial intelligence (AI) to be made a key driving force for all countries to promote shared prosperity and safeguard common security.

“In Hong Kong, we are committed to developing the city into a hub for AI research and development [R&D], a launch pad for global applications, a talent magnet and a source of end-to-end financial support,” Chan said in a blog post on Sunday.

“[Hong Kong] serves as a centre for AI R&D and commercialisation, and as a strategic base for mainland AI enterprises looking to expand overseas, with the city helping to align cutting-edge technologies and business models with international standards and applications.”

Chan said the efficient operation of the international financial centre provided the necessary financial backing for such explorations and commercialisation efforts, which could help attract more technology companies to Hong Kong.